llywellyn
Long

Long Opportunity - Falling Wedge/Bearish Cypher - At Buy Level

BITFINEX:AVTUSD   Aventus / Dollar
AVT has been firmly stuck in a bear trend for the week or so. The chart started off looking very bullish , but has since pulled all the way back to the original .786 fib line. It appears we should be nearing a reversal, as two patterns have clearly formed that suggest a breakout above $3 is on the horizon.

When we look at the trend lines we see a falling wedge , but it is also set up to complete the CD leg of a bearish cypher . The indicators are still bearish so we need confirmation of a reversal & volume has been low which will obviously need to change. Overall, I think this is a good opportunity given how this chart has played out so far with high probability. Set a tight stop as this pattern can't go very much lower & still be valid.

Buy: 2.5 - 2.7
Stop: 2.45
Target: 3.98
Comment: It appears the BTC hardfork situation is suppressing all the alt coins at the moment. Should see a pump soon if you have the stomach to wait for it.

Comments

nice all
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out